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owners of the property to be assessed; provided, that the assessment in <br />subsequent fiscal years shall be subject to an annual compound increase of not <br />more than three (3) percent in any such fiscal year, calculated as follows: <br /> <br /> c = ( {C y.~ x (1 +r)} x a/A) <br /> <br />where: <br /> <br /> c individual parcel assessment. <br /> C total District Operation and Maintenance budget for the fiscal year. <br /> a individual parcel area. <br /> A summation of all Maintenance District parcel areas. <br /> r Not more than 3%. <br /> y fiscal year for which the District budget is being prepared. <br /> <br />C y.~ x (l+r) shall be interpreted to mean that the annual Seaport Centre <br />Maintenance District budget shall increase by not more than 3% per annum <br />compounded annually from the base year 1999-2000, <br /> <br /> (i) The special benefit assessments specified herein and in the above- <br />mentioned Reports are proposed to be levied and collected annually upon the <br />last equalized, secured and utility tax rolls upon which ad valorem property taxes <br />are collected, said assessments shall be in addition to all of said ad valorem <br />property taxes, and shall be collected together therewith, and not separate <br />therefrom, and enforced in the same manner and by the same persons and at <br />the same time and with the same penalties and interest as are said ad valorem <br />property taxes; and all laws applicable to the collection and enfomement of said <br />ad valorem property taxes shall be applicable to said special benefit <br />assessments levied, and the assessed lot or parcel of property, if sold for taxes, <br />shall be subject to redemption in the same manner as such real property is <br /> <br /> Reso-672 4 <br /> F;/slVshRC/Council 13645 <br /> 05/17/99R, 06/03/99R <br /> FXS:rg <br /> <br /> <br />